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Banco Santander
Background: A majority-owned, indirect subsidiary of Spanish financial services giant Banco Santander , Banco Santander Chile is the largest bank in its home country. From more than 390 branches throughout Chile (including about 100 Banefe banking locations), the bank offers consumer banking, residential mortgage financing, credit cards, auto loans and investment management services for approximately two million customers. Corporate banking services include commercial lending and leasing, trade financing, financial advisory service, and cash management. Banco Santander also offers mutual fund management, insurance and securities brokerage services.
Background: A majority-owned, indirect subsidiary of Spanish financial services giant Banco Santander , Banco Santander Chile is the largest bank in its home country. From more than 390 branches throughout Chile (including about 100 Banefe banking locations), the bank offers consumer banking, residential mortgage financing, credit cards, auto loans and investment management services for approximately two million customers. Corporate banking services include commercial lending and leasing, trade financing, financial advisory service, and cash management.
Banco Santander also offers mutual fund management, insurance and securities brokerage services.
Challenges: Part of the Santander Group, one of the largest financial groups in the world, Banco Santander faced a common challenge — they wanted to protect their customers online with strong authentication but felt they should offer it free of charge.
“We considered both tokens and PIN/TAN for stronger security. Tokens would require we pass along the cost to our customers, and PIN/TAN just didn’t offer the security strength we wanted. When we unveiled the cards to our customers, they were thrilled to have a more secure method for doing business with us."
Laureano Cuesta, Internet Security Manager, Banco Santander Santiago
Issues: Banco Santander Santiago recognized that online attacks against financial institutions in their country were becoming more prevalent. Security safeguards needed to be implemented to help protect their customers. However, as in cases with other organizations, customer bases don't always react positively when forced to adopt new technology or methods — even if it could be in their best interest. While a username/password system was in place, there was a risk that phishing e-mails could spoof the site and pry sensitive information from customers — all under the guise of legitimacy. The bank also wanted a way to better protect customers against trojan attacks, online tracking tools, key stroke loggers and man-in-the-middle attacks.
Issues: Banco Santander Santiago recognized that online attacks against financial institutions in their country were becoming more prevalent.
Security safeguards needed to be implemented to help protect their customers. However, as in cases with other organizations, customer bases don't always react positively when forced to adopt new technology or methods — even if it could be in their best interest.
While a username/password system was in place, there was a risk that phishing e-mails could spoof the site and pry sensitive information from customers — all under the guise of legitimacy. The bank also wanted a way to better protect customers against trojan attacks, online tracking tools, key stroke loggers and man-in-the-middle attacks.
Solution provided by Entrust: Santander bank decided deployment the Identity Guard solution after it was validated and analysis by Laureano Cuestas Commercial Manager of Internet Channels and Marco Arenas Security Information Manager. Both professional in charge looked for a versatile solution that it allowed the multi-channel integration, that it’s easy to use for the customer and that in addition gave a optimal level security agreed to the level of risk of the transactions. The leader in Information Security in Chile , Neosecure a security Partner of the Santander Bank, was in charge to present a solution an agreed to them which the Bank was looking for like solution of robust authentication for its electronic channels. Neosecure with its vision of future in electronic channels, it gave a versatile solution, an authentication framework, that allowed to increase the Security without impact the business using a same platform that operate on online channels. Entrust IdentityGuard is a comprehensive versatile authentication platform for Internet and enterprise applications. This suite of strong authentication capabilities can help enable organizations to take a risk-based approach to tailoring a security deployment. The flexible deployment options can enable organizations to match versatile authentication methods to the level of risk they have determined to be associated with the different types of users, transactions and applications in their environments. In addition to grid card authentication, Entrust IdentityGuard supports Zero Touch Fraud Detection, machine authentication, challenge/response, out-of-band passwords, one-time passwords by e-mail, picture replay, geolocation and the industry-first $5 Entrust IdentityGuard Mini Token.
Solution provided by Entrust: Santander bank decided deployment the Identity Guard solution after it was validated and analysis by Laureano Cuestas Commercial Manager of Internet Channels and Marco Arenas Security Information Manager.
Both professional in charge looked for a versatile solution that it allowed the multi-channel integration, that it’s easy to use for the customer and that in addition gave a optimal level security agreed to the level of risk of the transactions.
The leader in Information Security in Chile , Neosecure a security Partner of the Santander Bank, was in charge to present a solution an agreed to them which the Bank was looking for like solution of robust authentication for its electronic channels. Neosecure with its vision of future in electronic channels, it gave a versatile solution, an authentication framework, that allowed to increase the Security without impact the business using a same platform that operate on online channels.
Entrust IdentityGuard is a comprehensive versatile authentication platform for Internet and enterprise applications. This suite of strong authentication capabilities can help enable organizations to take a risk-based approach to tailoring a security deployment. The flexible deployment options can enable organizations to match versatile authentication methods to the level of risk they have determined to be associated with the different types of users, transactions and applications in their environments. In addition to grid card authentication, Entrust IdentityGuard supports Zero Touch Fraud Detection, machine authentication, challenge/response, out-of-band passwords, one-time passwords by e-mail, picture replay, geolocation and the industry-first $5 Entrust IdentityGuard Mini Token.
"Banco Santander shares one of Entrust’s key tenets – that everyone deserves to be secure. In fact, they are the only bank in Chile that offers strong authentication to its customers free of charge. We applaud them for choosing a solution that can be rolled out cost effectively and that also can evolve over time with changing needs."
Bill Conner, Chairman, President and Chief Executive Officer - Entrust
Summary: Banco Santander, the first Latin American Bank to implement Entrust IdentityGuard, chose to start with grid card authentication and has branded the card “Super Clave.” The bank initially purchased 260,000 Entrust IdentityGuard licenses but plans to expand its Super Clave user base to 600,000 within the next few years. Prior to Entrust’s solution, the bank used a two password system but now can leverage strong authentication to protect the integrity of transactions (e.g., money transfers). The Santander Group also has banks in Argentina, Uruguay, Colombia and Brazil. In the future, the banks may choose to add token support on the Entrust IdentityGuard platform. Because of its low price and high flexibility to evolve over time, Entrust IdentityGuard is a natural choice for customers who want to deploy strong versatile authentication but need to offer it free of charge to end-users. The Entrust IdentityGuard grid card authentication method also has a very high usability factor, and that certainly makes it an attractive choice for large financial institutions that want to reduce calls to their help desk.
Summary: Banco Santander, the first Latin American Bank to implement Entrust IdentityGuard, chose to start with grid card authentication and has branded the card “Super Clave.” The bank initially purchased 260,000 Entrust IdentityGuard licenses but plans to expand its Super Clave user base to 600,000 within the next few years. Prior to Entrust’s solution, the bank used a two password system but now can leverage strong authentication to protect the integrity of transactions (e.g., money transfers). The Santander Group also has banks in Argentina, Uruguay, Colombia and Brazil. In the future, the banks may choose to add token support on the Entrust IdentityGuard platform.
Because of its low price and high flexibility to evolve over time, Entrust IdentityGuard is a natural choice for customers who want to deploy strong versatile authentication but need to offer it free of charge to end-users. The Entrust IdentityGuard grid card authentication method also has a very high usability factor, and that certainly makes it an attractive choice for large financial institutions that want to reduce calls to their help desk.
Entrust 16633 Dallas Parkway – Suite 800 Dallas, TX 75001 Tel: +1-972 713 5915
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